Concern at conservative fees

The firm released its KiwiSaver survey yesterday, which is designed to help investors assess the performance of their KiwiSaver options.

Morningstar Australasia co-head of fund research Chris Douglas said global markets had bounced back in the quarter and the best-performing sectors were outside New Zealand.

"This again illustrates the importance of a well-diversified portfolio, as KiwiSavers in domestically-focused schemes will have lagged."

Aon KiwiSaver Russell was the strongest performer in the balanced and conservative categories, while AMP KiwiSaver Lifesteps came out on top in the growth-oriented categories of growth and aggressive. Milford topped the league table in the moderate category.